Fixed Rate Cash ISA

Can Bank of Ireland UK change the interest rate?

The interest rate of your Fixed Rate Cash ISA is fixed until it reaches maturity.

At the end of the fixed rate, your ISA will earn a variable interest rate. We have the right to change the variable interest rate. The reasons we may change your rate are outlined in the ‘Interest Section’ of the ISA key information.

If we change your interest rate to your disadvantage, we’ll personally notify you a minimum of 14 days before the change takes effect, as long as you have at least £100 in your account.

What would the estimated balance be based on a £1,000 deposit?

This projection is provided for illustrative purposes only and doesn’t take into account your individual circumstances.

This assumption is based on a £1,000 deposit with no further deposits or withdrawals during the fixed term of the projection.

How do I open and manage my account?

Eligibility

• You must be age 18 or over and a UK resident for tax purposes
• ISAs cannot be applied for in joint names

Opening and managing your account

• You can apply for an account in branch, by post, or you can ring us and request an application pack
• Minimum balance to open the account is £500
• You open your Fixed Rate Cash ISA with a single deposit up to £20,000 this tax year (subject to contributions in other types of ISAs), or transfer-in an existing ISA (no further deposits or transfers are permitted into the account once it is open)
• You can manage your account by phone or by writing to us

As our Fixed Rate Cash ISA is a fixed term product you won’t be able to switch to another product until the end of the fixed term. If you wish to switch into this ISA, please apply in a Post Office branch.

Before making a decision to transfer your ISA to us, you should check if your current provider will charge a fee.

Can I withdraw my money?

Fixed rate term

• Withdrawals are not permitted during the fixed rate term.  If you need to access your money, you’ll need to transfer to another ISA or close your account
• Early closure or transfer is subject to a breakage charge. For a term of 1 year or shorter the charge will equal 90 days loss of interest, or for a term longer than 1 year but shorter than 5 years, the charge will be 180 days loss of interest. If the interest you’ve earned doesn’t cover this, you may get back less than you paid in

Standard Variable rate

• You can make a withdrawal by calling us or writing to us
• The minimum withdrawal is £10 or the value of your ISA, whichever is less
• We’ll either send you a cheque or pay your money into a bank or building society account you’ve previously nominated
• You can’t withdraw money over the counter at a Post Office branch

This ISA doesn’t have flexible features. This means that once withdrawn, your money will lose the tax advantages of ISAs and cannot be replaced within this ISA.

If you close your ISA, your money will no longer benefit from the tax advantages of ISAs in the future. 

Additional information

If you’d like to cancel, you can do so within 14 days from the date your Fixed Rate Cash ISA is opened by writing to us. You won’t have to pay a breakage charge if you cancel your account within the 14-day cancellation period.

Interest is paid gross without tax deducted on our Fixed Rate Cash ISA. The tax advantages of cash ISAs depend on your individual circumstances, and the tax treatment may change in the future.

Before transferring an existing ISA to us, you should check if your current provider will charge a fee.